IT has been a difficult few weeks for the Glasgow business community.

The devastating fire at the cherished Mackintosh Building, and the subsequent closure of parts of Sauchiehall Street, has led to fears the loss of trade could be fatal for some local businesses. The famous thoroughfare was already feeling the effects of a blaze elsewhere on the street in March, which has forced the prolonged closure of several shops, as well as a busy pub and the Pavilion Theatre.

Against that troubling backdrop, the commitment shown by Morgan Stanley to the city has to be welcomed. The US investment bank has already been an important player in Glasgow for some years. Since opening its first office in 2000, when it employed just six staff, its operation in the city has expanded massively to employ more than 1,400 people.

Now, having previously been spread over two buildings, the operation has been brought under one roof in a huge office in Waterloo Street. The bank made no commitment to expanding staff numbers further yesterday. However, Clare Woodman, who heads Morgan Stanley in Europe, the Middle East and Africa, was confident the capabilities at the new office would lead to it winning more work within the global institution.

That Morgan Stanley pressed ahead with its Glasgow expansion amid so much Brexit uncertainty is a major vote of confidence for the city. It also reflects well on the pipeline of talent emerging from Glasgow’s schools and universities, which management have been able to tap into and nurture to help drive its growth.